Use the SWOT to beat the threats you face in these times
'SWOT, So what?'
Have you ever asked yourself that? Here's the thing. Merely doing the SWOT is useless. You have to answer the four strategic questions that follow - a step most miss.
For example: You have identified a 'Threat', say the Corona Virus. If you can't articulate how you will use your 'Strength' to mitigate this Threat then your SWOT exercise is pointless.
Let's say a business writes down 'remote working capability' as a Strength! They also need to strategise how they can use that Strength to meet the Threat (to the degree possible) and ensure business continuity.
What is the SWOT and how should you be using it to drive business outcomes?
Watch the video below and use it for your benefit.
For those uninitiated to the SWOT: Internal S- Strengths W- Weakness External O - Opportunities T- Threat But please don't miss the crucial step of the 4 CRITICAL QUESTIONS that should follow.
1) How can you use your Strengths to overcome the Threats?
2) How can you manage your Weaknesses so you can minimise the risk posed by the Threats?
3) How can you use your Strengths to maximise on the Opportunities?
4) How can you manage your Weaknesses so you don't lose out on the Opportunities?
Do you understand your S and W well? Because T is here and kicking every business owner in the face.
T = Threat = Corona Virus Pandemic. S= ? and W = ?
What Strengths of your business are you using to counter the threat (and how)? Which Weaknesses do you need to manage in order to not be out of a business because of this threat (and how)?
Would love to hear your thoughts...